Question

I much should be invested at a fixed rate of 9% p.

a. compounded interest id you wish it to amount to k20000 after 4 years with interest paid monthly

Answer 1

P=A/(1+i/m)^mn
P=20000/(1+0.09/12)^12*4
P=(20,000)÷(1+0.09÷12)^(12×4)
P=13,972.28